Compare mortgage rates and fees for leading lenders in Farmington, NM. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Farmington.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Farmington. Plus, shopping lenders is free and there is no obligation.
July 4, 2020
The current average rate for a 30 year fixed rate mortgage in Farmington is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Farmington. Understand how much you need to earn to afford a home in Farmington, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Farmington fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Farmington is right for you.
The median home value for Farmington, NM (San Juan County) is $161,942
Based on current mortgage rates and a 10% down payment, you need to make $29,145 per year to buy the median priced home in Farmington
With this income, you could qualify for a $145,748 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Farmington is $675
The median household income for Farmington, NM (San Juan County) is $52,401
Based on this income, you can afford a home valued at approximately $291,158
The home price you can afford to buy based on household income in Farmington is 180% of the median home value which means housing prices are average. Farmington (San Juan County) ranks 12 out of 33 counties in New Mexico and 1,956 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Farmington, NM is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Farmington (San Juan County) below.
Conforming loan limits for Farmington, NM
FHA loan limits for Farmington, NM
VA loan limits for Farmington, NM